Cheese Moves Higher as Class III Slips
Cheese continued its ascent today in the CME cash dairy product trade. Cheddar blocks rose 1.75 cents to $1.20 and ¾ cent on 2 trades. Barrels climbed 3 cents to $1.19/lb. Butter also trekked 1.75 cents higher to $1.1975 on 7 trades. Grade A nonfat milk lost half a cent to 80 cents/lb. Dry whey inched a quarter cent lower to 39 and a quart center cent.
Class III milk futures were softer despite higher prices in the cash product cheese trade. May took the biggest loss, dropping 26 cents to $11.38. June descended 20 cents to $12.43/cwt. July milk slumped 21 to $13.61. Second half 2020 average is at $15.12/cwt.
Class IV milk futures saw very little movement with the bids and offers so wide. August fell 1 cent to $11.66. June milk gained 2 cents to $12.24/cwt. November milk also inched 1 penny lower to $12.94.
The entire grain complex showed strength today. Spot corn rallied 7 cents to $3.11 and a half cent. December corn finished 3.75 cents higher to $3.37 and a quarter cent. May soybeans soared 18.50 cents to $8.50 and a quarter cent. May Chicago wheat leaped 10.25 cents to $5.29 and ¾ cents. November soybeans jumped 13.50 cents to $8.57 and ¾ cent. June live cattle rose $1.67 to $85.95/cwt. May feeder cattle lost $1.45 to $117.10/cwt. June crude oil launched a $4 gain to $19.06.